Mr. X and Y each invested $50,000 to start a plumbing business on 01/01/2016 Prepare 2016 CORPORATE Tax Return from the following information Cash Accounts Receivable 23,000 85,000 30,000 185,000 43,000 120,000 100,000 873,000 Accumulated Depreciation Accounts Payable Common Stock Sales Interest income Dividend ( 5% owned) Cost of sales Salaries to X Salaries to Y Other salaries Charitable Contribution 1,500 450,000 50,000 50,000 85,000 1,000 60,000 18,000 1,000 24,000 43,000 35,000 Utilities Penalties Advertising Depreciation-MACRS Contract Labor 1.140,000 1.140,000 Taxable Income 55,950